Cash conversion remains fundamentally impaired, highlighted by an OCF/NI ratio of -0.38 in 2026Q1 and a history of deep negative free cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -88M | -94M | 144M | 400M | 379M | 1.64B | -683M | 1.45B | 1.22B | 1.4B | 1.63B | 1.6B | 912M | 758M | 698M | 614M | 523M | 486M | -17M | 358M | 274M | 170M | 198.42M | 286.34M | 216.48M | 2.82M | -6.56M |
| Operating CF Margin % | - | -1.04% | 1.55% | 4.16% | 4.14% | 27.2% | -23.1% | 17.9% | 15.89% | 19.94% | 24.61% | 24.91% | 15.68% | 13.93% | 14.01% | 13.63% | 13.84% | 14.79% | -0.5% | 12.6% | 11.6% | 9.99% | 15.67% | 28.68% | 34.08% | 2.7% | - |
| Operating CF Growth % | -717.59% | -165.28% | -64% | 5.54% | -76.92% | 340.41% | -147.14% | 19.06% | -12.95% | -14.34% | 2.13% | 75.22% | 20.32% | 8.6% | 13.68% | 17.4% | 7.61% | 2958.82% | -104.75% | 30.66% | 61.18% | -14.32% | -30.7% | 32.27% | 7565.62% | 143.07% | - |
| Net Income | -713M | -602M | -795M | -310M | -362M | -182M | -1.35B | 569M | 188M | 1.15B | 759M | 677M | 401M | 168M | 128M | 86M | 97M | 58M | -76M | 18M | -1M | -20M | 47.47M | 103.9M | 54.91M | -21.33M | -13.76M |
| Depreciation & Amortization | 699M | 688M | 655M | 621M | 585M | 540M | 535M | 525M | 491M | 446M | 393M | 345M | 325M | 306M | 269M | 247M | 230M | 234M | 210M | 180M | 154M | 117M | 77.42M | 50.87M | 26.92M | 4M | 111K |
| Stock-Based Compensation | 41M | 40M | 39M | 39M | 30M | 28M | 28M | 31M | 28M | 29M | 23M | 20M | 20M | 14M | 13M | 13M | 17M | 16M | 16M | 15M | 21M | 9M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -100M | -183M | -110M | -27M | -73M | -88M | -329M | 139M | 90M | -313M | 270M | 377M | 212M | 107M | 76M | 58M | 62M | 40M | -1M | 23M | 10M | -4M | 29.74M | 69.75M | 39.66M | 0 | 0 |
| Other Non-Cash Items | -119M | -101M | 432M | 0 | 64M | 1M | 379M | -27M | 321M | -24M | -17M | 29M | -266M | 24M | 15M | 77M | 28M | 234M | -194M | 15M | 21M | -7M | 43.8M | 2.84M | 11.43M | 20.16M | 7.1M |
| Working Capital Changes | 104M | 64M | -77M | 77M | 135M | 1.34B | 58M | 212M | 99M | 113M | 204M | 150M | 220M | 139M | 197M | 133M | 89M | -96M | 28M | 122M | 90M | 75M | -247.04M | 58.98M | 83.56M | 0 | 0 |
| Change in Receivables | 0 | -22M | 4M | -3M | -111M | -806M | 255M | 91M | 46M | -50M | -21M | 11M | 1M | -22M | 1M | -113M | 0 | -356M | 142M | -14M | -12M | -28M | -21.27M | -4.05M | 6.85M | 0 | 0 |
| Change in Inventory | 0 | 0 | 2M | 0 | 201M | 138M | 52M | 188M | -174M | 15M | 1M | -5M | 3M | -23M | 38M | 4M | -4M | -43M | -10M | 3M | -28M | -20M | -6.19M | -11.49M | -3.99M | 0 | 0 |
| Change in Payables | 0 | 36M | 0 | 141M | 26M | 806M | -255M | -91M | 96M | 53M | 157M | 64M | 68M | 52M | 92M | 26M | 0 | -66M | 15M | 36M | 33M | 54M | 20.09M | 37.34M | 34.73M | 0 | 0 |
| Cash from Investing | 209M | 658M | -3.08B | -1.38B | -908M | -704M | -1.35B | -1.13B | -1.16B | -975M | -1.04B | -1.13B | -379M | -476M | -867M | -502M | -696M | -457M | -247M | -734M | -1.31B | -1.28B | -795.95M | -751.53M | -744.46M | -241.13M | -67.45M |
| Capital Expenditures | -593M | -821M | -1.5B | -1.21B | -923M | -995M | -791M | -1.16B | -1.11B | -1.2B | -1.01B | -941M | -857M | -637M | -828M | -528M | -299M | -466M | -703M | -873M | -1.21B | -1.31B | -977.99M | -893.33M | -1.2B | 0 | 0 |
| CapEx % of Revenue | 6.47% | 9.06% | 16.13% | 12.54% | 10.08% | 16.48% | 26.75% | 14.28% | 14.55% | 17.14% | 15.24% | 14.67% | 14.73% | 11.71% | 16.62% | 11.72% | 7.91% | 14.18% | 20.75% | 30.72% | 51.12% | 76.84% | 77.25% | 89.48% | 188.62% | - | - |
| Acquisitions | 0 | 0 | 0 | -131M | -297M | -907M | 715M | -932M | 908M | -1.07B | -850M | -837M | 393M | 615M | -541M | -480M | -249M | -376M | -355M | -645M | -948M | -1.12B | -797.3M | -732.95M | -80.45M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -192M | 60M | 460M | 1M | -9M | 902M | -506M | 919M | -922M | 1.06B | 839M | 831M | 4M | -615M | 606M | 482M | 236M | 392M | 483M | 706M | 1.06B | 1.31B | 972.77M | 891.44M | 543.46M | -241.13M | -67.45M |
| Cash from Financing | -448M | -417M | 3.77B | 1.11B | -360M | -830M | 2.98B | 165M | 113M | -553M | -472M | -487M | -417M | -239M | -322M | 96M | -258M | 306M | 635M | 556M | 1.04B | 1.09B | 437.25M | 789.14M | 657.21M | 254.46M | 80.74M |
| Debt Issued (Net) | -492M | -461M | 3.71B | 1.06B | -369M | -882M | 2.5B | 658M | 465M | -194M | -368M | -328M | -360M | -219M | -303M | 91M | -263M | 149M | 171M | 115M | 439M | 776M | 436M | 629M | 337.5M | 0 | 0 |
| Equity Issued (Net) | 22M | 44M | 54M | 49M | 46M | 38M | -167M | -491M | -334M | -342M | -89M | -157M | -82M | 2M | -17M | 10M | 9M | 120M | 320M | 26M | 28M | 178M | 20M | 136M | 174.4M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -8M | -6M | -4M | -6M | -8M | -167M | -542M | -382M | -390M | -134M | -241M | -82M | -8M | -26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 22M | 0 | 0 | -4M | -37M | 14M | 646M | -2M | 0 | -17M | -15M | -2M | 25M | -22M | -2M | -5M | -4M | 37M | 144M | 415M | 570M | 139M | -19M | 24.14M | 145.31M | 254.46M | 80.74M |
| Net Change in Cash | -337M | 147M | 831M | 129M | -889M | 108M | 951M | 485M | 174M | -130M | 115M | -23M | 116M | 43M | -491M | 208M | -431M | 335M | 371M | 180M | 4M | -13M | -160.28M | 323.94M | 129.23M | 254.46M | 80.74M |
| Free Cash Flow | -950M | -915M | -1.35B | -806M | -544M | 647M | -1.47B | 293M | 103M | 196M | 621M | 657M | 55M | 121M | -130M | 86M | 224M | 20M | -720M | -515M | -934M | -1.14B | -779.57M | -607M | -981.6M | 2.82M | -6.56M |
| FCF Margin % | -10.37% | -10.1% | -14.58% | -8.38% | -5.94% | 10.72% | -49.85% | 3.62% | 1.34% | 2.8% | 9.36% | 10.24% | 0.95% | 2.22% | -2.61% | 1.91% | 5.93% | 0.61% | -21.25% | -18.12% | -39.53% | -66.84% | -61.58% | -60.8% | -154.54% | 2.7% | - |
| FCF Growth % | 25.55% | 32.37% | -67.87% | -48.16% | -184.08% | 143.89% | -603.07% | 184.47% | -47.45% | -68.44% | -5.48% | 1094.55% | -54.55% | 193.08% | -251.16% | -61.61% | 1020% | 102.78% | -39.81% | 44.86% | 17.85% | -45.85% | -28.43% | 38.16% | -34859.31% | 143.07% | - |
| FCF per Share | -2.58 | -2.48 | -3.90 | -2.42 | -1.68 | 2.03 | -5.31 | 0.98 | 0.33 | 0.59 | 1.81 | 1.91 | 0.16 | 0.35 | -0.38 | 0.25 | 0.65 | 0.06 | -3.15 | -2.79 | -5.71 | -7.39 | -4.75 | -3.77 | -6.60 | 0.02 | -0.06 |
| FCF Conversion (FCF/Net Income) | 1.33x | 0.16x | -0.18x | -1.29x | -1.05x | -9.02x | 0.50x | 2.55x | 6.44x | 1.23x | 2.24x | 2.36x | 2.27x | 4.51x | 5.45x | 7.14x | 5.39x | 8.38x | 0.22x | 19.89x | -274.00x | -8.50x | 4.18x | 2.76x | 3.94x | -0.13x | 0.48x |
| Interest Paid | 60M | 0 | 0 | 0 | 0 | 180M | 139M | 0 | 59M | 60M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2M | 0 | 2M | 0 | 0 | 3M | 5M | 0 | 11M | 139M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Free Cash
According to recent financial statements, the persistent gap between net losses and operating cash flow, highlighted by an OCF/NI ratio of -0.38 in 2026Q1, suggests that reported earnings are failing to capture the true cash-burning nature of the company's current operational model.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are masking the underlying cash drain. Investors should monitor whether this disconnect persists, as it suggests that the company's accounting profitability is not currently aligned with its ability to generate internal liquidity.
As reported in quarterly filings, JetBlue has struggled to achieve positive free cash flow, with a significant outflow of $434 million in 2024Q4, underscoring the difficulty of funding capital-intensive operations while maintaining a negative FCF margin across most of the observed ten-quarter period.
The consistent inability to generate positive free cash flow suggests that the company is structurally reliant on external financing to sustain its operations. This trajectory warrants further investigation into whether the current fleet transition can eventually bridge the gap between capital expenditures and operational cash generation.
Based on reported figures, working capital changes have been highly erratic, swinging from a $331 million inflow in 2024Q1 to a $215 million outflow in 2025Q2, which suggests that the company's cash position is heavily dependent on the timing of air traffic liability fluctuations.
The reliance on air traffic liabilities as a source of cash flow indicates that the company is effectively using customer deposits to fund its short-term liquidity needs. This creates a risk where any material decline in forward bookings could lead to a rapid and severe liquidity crunch.
Data from recent SEC filings show that capital expenditures reached a peak of $345 million in 2025Q4, representing 15.4% of revenue, which highlights the heavy burden of fleet modernization costs on the company's already strained cash flow position during this period.
The high level of capital intensity appears to be driven by the need to replace aging assets with more efficient models, yet this investment has not yet translated into improved cash flow margins. Analysts should monitor whether these capital outlays are truly maintenance-focused or if they represent an aggressive growth strategy that the current balance sheet cannot support.
Quick answers to the most common questions about buying JBLU stock.
JetBlue Airways Corporation (JBLU) generated $-94.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JetBlue Airways Corporation (JBLU) reported negative free cash flow of $915.0M in 2025, indicating capital requirements exceeded cash from operations.
JetBlue Airways Corporation (JBLU) spent $821.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, JetBlue Airways Corporation (JBLU) spent $8.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.